【摘要】：隨著市場經(jīng)濟的發(fā)展，投資-現(xiàn)金流敏感性已經(jīng)逐漸成為當(dāng)前投資理論研究的熱點。學(xué)術(shù)界對投資-現(xiàn)金流敏感性的研究多集中在三個方面：投資-現(xiàn)金流敏感性的存在性分析，投資-現(xiàn)金流敏感性的主導(dǎo)動因分析，投資-現(xiàn)金流敏感性的相關(guān)應(yīng)用分析。近期的投資行為研究認(rèn)為，一個國家或地區(qū)的政治環(huán)境和制度背景都會對該國或地區(qū)的企業(yè)投資產(chǎn)生明顯的影響，而由于我國地區(qū)發(fā)展不平衡，不同地區(qū)制度環(huán)境也有所差異。本文在此基礎(chǔ)上，著重分析制度環(huán)境對我國企業(yè)投資-現(xiàn)金流敏感性的影響。 本文以市場化進程、金融發(fā)展、政府干預(yù)、法制水平作為制度環(huán)境的替代變量，選擇2001-2009年非金融A股上市企業(yè)作為研究樣本，，利用FGLS回歸方法分析制度環(huán)境對投資-現(xiàn)金流敏感性的影響，并進一步以地區(qū)和企業(yè)性質(zhì)將樣本進行分類來研究制度環(huán)境對投資-現(xiàn)金流敏感性的影響是否存在差異。本文通過多個角度的實證設(shè)計，得出以下實證結(jié)果：市場化進程的加快、金融發(fā)展水平和法制水平的提高都在一定程度上緩解企業(yè)融資約束，進而降低投資-現(xiàn)金流敏感性，而由于企業(yè)性質(zhì)的不同，政府干預(yù)程度在企業(yè)投資行為上存在明顯強弱，從而對投資-現(xiàn)金流敏感性的影響不同，因此，在研究政府干預(yù)對企業(yè)投資-現(xiàn)金流敏感性的影響時，企業(yè)性質(zhì)應(yīng)作為重要因素進行考慮。 本文最后根據(jù)制度環(huán)境對我國企業(yè)投資-現(xiàn)金流敏感性的研究，為優(yōu)化企業(yè)的投資行為，提出了相對應(yīng)的政策性建議。
[Abstract]:With the development of market economy, the sensitivity of investment-cash flow has gradually become the focus of investment theory. The research on investment-cash flow sensitivity is mainly focused on three aspects: the existential analysis of investment-cash flow sensitivity, the dominant motivation analysis of investment-cash flow sensitivity, and the relevant application analysis of investment-cash flow sensitivity. Recent studies on investment behavior suggest that the political environment and institutional background of a country or region will have a significant impact on the investment of enterprises in that country or region. However, due to the imbalance of regional development in China, different regions have different institutional environments. On this basis, this paper analyzes the impact of institutional environment on the sensitivity of Chinese enterprises to investment-cash flow. Taking market-oriented process, financial development, government intervention and legal level as the substitute variables of institutional environment, this paper selects non-financial A-share listed enterprises as the research samples from 2001 to 2009. The influence of institutional environment on investment-cash flow sensitivity is analyzed by using FGLS regression method, and the influence of institutional environment on investment-cash flow sensitivity is studied according to the characteristics of region and enterprise. Through the empirical design from several angles, the following empirical results are obtained: the acceleration of the marketization process, the improvement of financial development level and the improvement of the legal level, to a certain extent, ease the financing constraints of enterprises, and then reduce the sensitivity of investment-cash flow. Because of the different nature of the enterprise, the degree of government intervention has obvious strong or weak in the enterprise investment behavior, thus the influence on the investment-cash flow sensitivity is different. Therefore, when studying the influence of the government intervention on the enterprise investment-cash flow sensitivity, The nature of the enterprise should be considered as an important factor. Finally, based on the study of the sensitivity of institutional environment to the investment-cash flow of Chinese enterprises, the corresponding policy suggestions are put forward in order to optimize the investment behavior of enterprises.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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